The South Korean central financial institution introduced on Oct. 7 that it’ll start the distribution section of its central financial institution digital foreign money, or CBDC, pilot scheme subsequent yr.

It will see the digital gained enter circulation, with monetary establishments getting concerned within the distribution and transactions being recorded to the blockchain, based on an article in native media outlet The Korea Herald.

As Cointelegraph reported, Financial institution of Korea’s 22-month CBDC pilot scheme launched in March of this yr. Distribution is the third and last section of this system and would appear to be on schedule with the roadmap introduced on the scheme’s launch.

Part one was accomplished in July, and outlined the necessities and design of the CBDC together with a evaluate of the know-how wanted to implement the challenge.

The second section is at present underway, and is targeted on an evaluation of the enterprise and associated processes. That is scheduled to run till the tip of the 2020, resulting in the ultimate construct and distribution section.

Regardless of stable progress on the pilot program, the Financial institution of Korea maintains that it has no at present confirmed plans to launch a CBDC as soon as it completes. Quite, it needs to be totally ready to take such measures if market situations, both nationally or globally, have been to alter all of the sudden.

This can be the case as soon as China’s persistently “just-around-the-corner” digital yuan lastly launches, with stories suggesting that South Korean retailers can be open to accepting this as a fee methodology.